KG&L Capital Management LLC Sells 1,605 Shares of Simon Property Group, Inc. (NYSE:SPG)

KG&L Capital Management LLC reduced its stake in Simon Property Group, Inc. (NYSE:SPG) by 14.5% during the 1st quarter, HoldingsChannel reports. The fund owned 9,437 shares of the real estate investment trust’s stock after selling 1,605 shares during the quarter. KG&L Capital Management LLC’s holdings in Simon Property Group were worth $1,506,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SPG. Brighton Jones LLC acquired a new stake in shares of Simon Property Group in the 4th quarter valued at about $295,000. IFP Advisors Inc raised its position in Simon Property Group by 4.4% in the 4th quarter. IFP Advisors Inc now owns 3,735 shares of the real estate investment trust’s stock valued at $643,000 after buying an additional 159 shares during the last quarter. Lake Street Advisors Group LLC boosted its position in Simon Property Group by 181.8% during the 4th quarter. Lake Street Advisors Group LLC now owns 19,517 shares of the real estate investment trust’s stock worth $3,361,000 after acquiring an additional 12,590 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in Simon Property Group by 0.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 26,315 shares of the real estate investment trust’s stock valued at $4,532,000 after purchasing an additional 110 shares in the last quarter. Finally, NewEdge Wealth LLC grew its holdings in shares of Simon Property Group by 15.9% in the 4th quarter. NewEdge Wealth LLC now owns 9,647 shares of the real estate investment trust’s stock valued at $1,661,000 after acquiring an additional 1,320 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Simon Property Group Price Performance

Simon Property Group stock opened at $157.32 on Thursday. The company has a market capitalization of $51.35 billion, a price-to-earnings ratio of 25.05, a PEG ratio of 8.93 and a beta of 1.47. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 8.29. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.14. The stock’s 50 day moving average is $159.27 and its 200-day moving average is $167.18.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.91 by $0.04. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the previous year, the company posted $3.56 EPS. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. Equities research analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 9th will be paid a $2.10 dividend. The ex-dividend date is Monday, June 9th. This represents a $8.40 annualized dividend and a dividend yield of 5.34%. Simon Property Group’s dividend payout ratio (DPR) is presently 133.76%.

Analysts Set New Price Targets

A number of analysts have commented on SPG shares. Scotiabank increased their price target on shares of Simon Property Group from $159.00 to $163.00 and gave the company a “sector perform” rating in a research note on Tuesday, June 17th. Mizuho cut their target price on shares of Simon Property Group from $182.00 to $169.00 and set a “neutral” rating for the company in a research note on Tuesday, June 10th. Piper Sandler dropped their price objective on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday, May 23rd. Stifel Nicolaus lifted their target price on Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Finally, JPMorgan Chase & Co. decreased their target price on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $179.44.

About Simon Property Group

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.